We sometimes hear comments like “I’ve sold stuff before, I could sell a house”. Beware Selling Yourself. I agree anyone could sell a house, but the question is at what price? And what other issues will be raised due to a lack of experience and/or knowledge, that could bite the ‘seller’ in the rear and cost more down the track.
If you price a home cheap enough, yes it will sell itself. But is your goal to just sell the property or is it to achieve the most out of the market – there is a big difference. And that difference can easily mean a disparity of many tens of thousands of dollars – much more than commissions.
There is so much that we do that goes into us achieving those record prices – it doesn’t just happen. It is in the understanding of the buyer’s psychology, understanding the buyer triggers, how to best prepare and position the home both physically and via the marketing, what marketing to use and which has the best return on investment, what not to waste money on, how to best manage the buyers, the negotiation…..the list goes on.
Knowledge and Skill
But even if you still believe you have the knowledge and skillsets to sell yourself, there are still many other hurdles to jump.
Are you aware of the legalities with selling properties? What about items of disclosures such as caveats, matters affecting the property, sewerage, water. Even things that may seem innocuous can create massive repercussions.
Then there is the issue of false feedback. One of the many advantages of having a good agent is the fact they act as a conduit of information and do not get emotionally involved. Buyers are far more likely to be open with an agent regarding matters about the home that they would with an owner. Can you imagine if you just finished landscaping and a buyer comes through and says “that’s ugly, I am pulling that out”. Many owners would get ticked off and become argumentative, thereby killing off any further discussions. The agent would be able to better discuss this, discover the true objection and explore solutions.
We have had several occasions where owners have tried to sell themselves and called us in when it just hasn’t worked. They are often befuddled as to why everyone said they loved the house, but no one offered. The reason is the buyers didn’t either want to offend the owners or just didn’t want to get in an argument – it is easier to walk away. Buyers will air grievances or concerns with an Agent and thereby allow an open discussion which may bring a solution.
Saving the Commission?
Another issue which is impossible to get by is that the buyers are well aware the owners are saving the commission. The buyer will bank on the fact the owner has that ‘extra’ to work off and will push well past the usual sales figure knowing the owner can go lower as they aren’t paying a commission. Hence the owner did all the work, most likely at a lower sale price, for nothing.
I understand everybody likes to save money. But you need to look at what you are actually saving as opposed to what a good agent can achieve. Are being a Penny wise, Pound foolish?
Written by Shawn Kristofer